As European markets closed this morning, all bids disappeared from USD/JPY and the pair dropped back below 114.00. In its mirror-like manner, gold reflected this tumble and surged above its 100-day moving average over $1280.
If you’re looking for a catalyst, good luck. Fed’d Dudley was speaking but focused on regulation with no monetary policy comments. No new headlines from Asia/Trump. It seems the closing bell in Europe is all that is needed to panic-buy Yen.
Perhaps it’s just a delayed reaction to the chaos in the middle-east this weekend?
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